Should I try to fix up my home before I sell it? Would there be more value in the process if I just sell the property as-is?
When you live in a hot real estate market, you might get an above-market rate for a home because of its location alone. For many buyers in a seller’s market, the goal is to get whatever they can.
If you are in a buyer’s market, it is wise to consider some home repairs. You’ll want to weigh the cost of the potential improvements against the property’s market value after the upgrades are completed.
Don’t Fall for the Fixer-Upper Trap!
When homebuyers say that they want to buy a fixer-upper, they mean the home they want should only need some cosmetic repairs. They don’t want to replace the flooring, refinish the hardwoods, or replace a deck.
They want to repaint the windowsills or have someone come by to install some new carpet. You might find a buyer who is willing to update the light fixtures.
If the home needs more work, it’s the contractors and flippers that make the offers. Most families won’t spend $385,000 on a $400,000 home that needs a new roof at $15,000. They’ll just buy the property that doesn’t need the extra work.
That’s why a strategic approach to home repairs is necessary today.
What Are the Best Home Repairs to Consider?
When you want to sell your home and it needs a few repairs, you’ll find that the best options will return the most equity in the selling price.
You must calculate the repair cost against the upgraded value your property receives. Your actions should bring back at least 75% of the expense you put into the work.
That’s why these home repairs are the ones you’ll want to start first.
1. Landscaping Repairs
Most homeowners get 90% or more of their landscaping costs returned at a higher home price. The goal here is to do most of the work yourself to keep prices down. With a few strategic investments, it’s entirely possible to make money here.
2. Cosmetic Touches
Homes should have walls painted in a neutral color to let the new owners play with their interior decorating style. You don’t want the walls to be white because they’ll show off a lot of scuffing. You’ll want to repair any dings or nicks to your trim, floors, doors, and other areas. If you have stained or worn carpeting, it should be taken out immediately.
3. Kitchen Updates
Most homeowners get their kitchen updates back with almost full equity. If you do a complete remodel priced at $35,000, you’ll get around $30,000 back in most markets. When it is a seller’s market, you might add $45,000 to your home’s value with this investment.
If you can’t afford a full update, consider a strategic remodel instead. Updating the appliances, counters, or floor can still deliver significant results. A fast way to update the look is to repaint your cabinets while moving to stainless steel appliances.
4. Bathroom Updates
If you have an older bathroom that doesn’t work for your needs, it will likely be problematic for most buyers. That means an update to this part of the home can add significant equity. When your galley-style space looks like you traveled back in time to 1985, installing a new toilet, vanity and bathtub can bring considerable value for a minimal cost.
When you want to maximize this investment, consider tearing out the bathtub altogether to have a larger shower. With a walk-in space that feels warm and luxurious, you’ll get offers because of this updated space alone.
5. Door Updates
Some homes have pocket doors that make the room feel outdated or unusable. You might have folding screens that run within your door jamb. If you encounter these issues, it might be time to update those entryways. Although the cost can be high, you’ll be modernizing the property – and that adds value! One of the first steps here is to install a new screen door for your primary entry and your backyard access. By adding this feature, you’ll create another security layer while promoting exterior curb appeal.
As a final step to your home upgrades, you’ll want to consider painting your front door. When this spot pops for your property, you’ll create a stunning first impression that makes buyers want to see more! Don’t forget about upgrading your locks during this process to give your home another layer of security protection.
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